Friday 29 Mar 2024
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SINGAPORE (Aug 31): Singapore stocks ended weaker at the close on Monday.

The Straits Times Index (STI) ended the day 1.17% lower at 2,921.44, after trading between 2,921.44 and 2,987.18. Market breadth was negative. Excluding warrants, decliners outnumbered gainers 270 to 178.

A total of 1.31 billion shares worth $1.36 billion changed hands, giving an average of $1.03 per share for the entire market.

In a report out today, DBS lead analyst Janice Chua says she does not expect the current bear market to develop into another Asian Financial Crisis.

But the research house is trimming base case target prices of SGX component stocks by 2-26%, after cutting growth assumptions and valuation on “risk off”.

DBS's base case is for the STI to trade within the 2,750 to 3,050 range. But if a crisis hits, DBS expects the STI to slide another 25% to 2,250.

The most actively traded counters today included Ezra Holdings, Pacific Andes Resources Development, China Fishery Group, Noble Group, and Great Group Holdings.

Among the losers, AusGroup fell 3% to 11.2 cents. The integrated service provider to the energy, industrial and mining sectors, reported that its 4Q earnings plunged 88.4% from a year ago to A$261,000 ($261,000), weighed down by an impairment arising from decreased certainty in capital expenditure in the energy sector.

Overseas Education dipped 0.7% to 66.5 cents. The private education company announced after market close the appointment of Ho Hie Wu as its new chief financial officer.

P99 Holdings, which does not have significant operations and intends to acquire new operating businesses, last traded at 7 cents on Aug 26, before the investment holding company requested for a trading halt on its shares pending the release of a material announcement.

Among the gainers, China Fishery Group rose 34% to 7.9 cents. Private equity firm The Carlyle Group has ended its presence on the board of the fishing vessels operator. Patrick Siewert, a board appointee of Carlyle fund CAP III-A, resigned as a non-executive director of China Fishery on Aug 29. His alternate, Janine Feng Junyuan, also stepped down.

Pacific Andes Resources Development, the parent company of China Fishery Group, also added 13% to 2.6 cents.

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